Finance Minister Sitharaman unveils next-gen GST reforms
VISAKHAPATNAM, Sept 17: Union Finance Minister Nirmala Sitharaman today said the next generation GST reforms will infuse ₹2 lakh crore into the economy, putting more money in people’s hands that otherwise would have gone as taxes.
Follow the Jammu News Portal channel on WhatsApp
Addressing the Outreach and Interaction Program on Next Gen GST Reforms, Sitharaman said that following the tax overhaul, 99% of goods under the 12% GST slab have now shifted to the 5% bracket, while 90% of items earlier taxed at 28% have moved to the 18% slab.
Industry Welcomes the Move
Several companies, including FMCG giants, are already voluntarily offering rate cuts to consumers ahead of the September 22 implementation date of the new GST structure. The Finance Minister said this reflects growing industry confidence in the reform process.
Simplified GST Structure
“With this new-gen tax regime, with only two slabs (5% and 18%), ₹2 lakh crore is being injected into the economy. People will have more cash in hand,” Sitharaman said.
Before restructuring rates, the NDA Government applied five guiding principles:
- Relief for poor and middle class
- Fulfilling aspirations of the middle class
- Benefits for the farming community
- Support to MSMEs
- Boosting job creation and export potential
GST Performance Over the Years
The Finance Minister highlighted that GST revenues grew from ₹7.19 lakh crore in FY 2017-18 to ₹22.08 lakh crore in 2025. The number of registered taxpayers also rose sharply to 1.51 crore from just 65 lakh earlier.
Source: PTI
Labels: GST, Economy, Reforms, Finance
Tags: #GSTReforms #NirmalaSitharaman #IndianEconomy #TaxReforms #FinanceMinistry
Disclaimer: This article is based on information from PTI. Jammu News Portal is not responsible for any changes or updates issued by the Government of India.
Post a Comment